Oriental Securities: Maintains a "buy" rating on Chang'an Automobile, with a target price of 14.91 yuan.

Oriental Securities research report pointed out that Changan Automobile's February sales volume slightly decreased year-on-year but increased month-on-month, and it is expected to see marginal improvement in the future. The overall sales volume in February was 151,900 units, a year-on-year decrease of 5.9% and a month-on-month growth of 12.8%. The cumulative overall sales volume from January to February 2026 was 286,600 units, a year-on-year decrease of 34.4%. It is believed that with the introduction of the auto national subsidy policies in various provinces and cities in 2026, the previously restrained consumer demand will gradually be released, and the company's future sales volume is expected to see marginal improvement. Comprehensive planning of new products and technologies, planning to repurchase shares to demonstrate development confidence. The Avita 06T is competitive, and the new Avita model in 2026 is worth looking forward to. It is forecasted that the net profit attributable to the mother for the years 2025-2027 will be 6.055 billion, 7.086 billion, and 8.29 billion yuan, with a comparable company's average PE valuation of 21 times for the year 2026, a target price of 14.91 yuan, and a "buy" rating maintained.